Lendlease builds profit of $792.8 million

International property group Lendlease delivered a profit after tax of $792.8 million, an increase of five per cent year over year.

The result was driven by strong performance across both developments and investments segments.

The property group saw a growth of return on equity to 12.7 per cent for the year, as well as retail assets under management totalling $12.7 billion, up 4 per cent.

“Our ability to secure development pipeline, combined with the support of our capital partners, has allowed us to progress strategic opportunities,” Lendlease Group chief executive Steve McCann said.

“Our major urbanisation projects delivered more than 1,300 residential apartment units and generated commercial profits from four office developments. We also formed a new investment partnership to deliver residential for rent product in London and post balance date established a similar partnership in the US.”

Lendlease also commenced an on-market buyback of up to $500 million following the half year results and had acquired $178 million of securities by 30 June.

“Lendlease has continued to maintain a strong financial position that provides flexibility to fund our significant development pipeline,” Lendlease Group chief financial officer Tarun Gupta said.

Looking forward, the group looks to bring its global portfolio of major urbanisation projects to 18 due to the addition of four new projects in Europe.

Lendlease projects a development pipeline of $71.1 billion, with $55.9 billion of urbanisation projects and $15.1 billion of communities projects.

“We are well placed for the future and remain committed to our strategy. We have a diversified business model and a proven track record of executing our integrated capabilities with the support of our capital partners,” McCann said.

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